Think It’s a Great Credit Card Offer? Read the Fine Print
As holiday bills start to come in, maybe you’re taking a closer look at some of those pre-approved credit card offers you get in the mail. That teaser zero percent interest rate on a transfer balance and other “hooks” may sound pretty appealing right now. But, read the fine print before accepting any offer. Hidden fees and conditional clauses can make them far less appealing than they seem on the surface.
One recent offer boasts “no late fees” in bold type, as long as you make a purchase or take a cash advance in the same billing period that the payment is due. If you read further, however, you learn that, if you default under any card agreement you sign with them, including making a payment late (even if they waive the late fee), your interest rate will increase to a variable rate in excess of 30 percent… suddenly not such an attractive offer. And, the interest rate on cash advances is over 12 percent higher than for purchases.
If you’re looking for a credit card with a consistently low interest rate and low fee structure, take a look at TFCU’s credit card program. We offer Gold MasterCard and Classic Visa or MasterCard, with a 25-day grace period, no cash advance fee, free balance transfer option and online access to your credit card account, among other things, and you earn CURewards points for every dollar (in qualifying purchases, minus returns) you charge.